I pulled my credit report the other day in anticipation of getting approved for a lease and found out a funny thing. I have NO CREDIT. I don't owe on anything; I have no car loans, credit cards or personal loans-just my mortgage.
Not owing a lot of money is a bad thing in the eyes of the credit bureaus. Because I have no revolving debt, I am considered a bad credit risk and I'd only be eligible for bad credit personal loans. You'd think NOT owing money would be a good thing, but I am considered a bad credit borrower because I have no credit currently. What a country!
There are still plenty of loans out there for folks with bad credit. The problem with bad credit personal loans is the rate is usually much higher and the terms are usually unfavorable to the borrower. The problem is, for folks in this situation taking out a bad credit personal loan to get out of debt often compounds the problem.
I gave up on credit cards a long time ago-the rates just kept going up. I finally gave up on them all together. It's a good thing I have some cash stashed away to expand my business, otherwise I might be forced to take out a bad credit personal loan to get the ball rolling.
I think it's good that folks with no credit or bad credit have a place to turn, they just need to be careful not to get in over their heads. Borrowing to get out of debt is dicey unless doing so will lower the total dollar amounts of their "nut."
Credit Crunch
Help for Bad Credit Borrowers
With tons of Americans way over their head in debt, "bad credit borrowers" are a growing population. As a result, there are a lot more bad credit loans out there. The hard part is finding which bad credit loan is best.
BadCreditOffers.com is a one stop shop for all kinds of bad credit loans. You can compare loans and rates and even find out where to get a free credit report.
The helpful folks at BadCreditOffers.com are there to help. Don't these people look extremely helpful?
Check them out for all your bad credit loans.
Give Bad Credit its Due
If you are a person with bad credit, it seems like everyone and their uncle wants to offer you bad credit loans. There are so many offers (heck, if you have email, your spam folder is probably full of them) it can be confusing. Finding a place to compare different offers can help ease the confusion.
Whether your looking for a credit card, a mortgage or a car loan, the folks at Bad Credit Offers can help you sort through all the different bad credit loans available. They put their offers side by side on one page for easy comparison so you don't waste lots of time. It's a great idea.
If you use this site to find bad credit loans, make sure you understand the terms and the interest rate so you don't get trapped into a loan you can't afford.
